By Jodi Summers

The statistics now confirm last month’s speculation, the SoCal industrial real estate market is heating up. Check it out -> the average asking rental rate per sq ft/year for Industrial properties in Los Angeles, CA as of Jun 11 was $9.30, according to $9.30 sq ft/year represents an increase of 0.5% compared to the prior 3 months, with an increase of +6.5% year-over-year. Hooray!

As you might expect, the L.A. metro area leads the region. County-wide, average rental rates in Los Angeles are -0.2% lower at $8.40 per sq ft/year on industrial properties currently for lease.

Lease rates around L.A. have grown faster than asking prices. Current Los Angeles market trends data indicates a decrease of -1.1% compared to the prior 3 months. The median asking price in June in metro L.A. was $142 per sq ft for industrial properties. More good news for buyers, prices on industrials are down -10% compared to last year. County-wide, asking prices for industrial properties are -0.3% lower at $136 per sq ft.

The UCLA Anderson Forecast remains consistent: slow growth through the end of the year. Slow growth is better than no growth.

We’re here to help you with your real estate property needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – or 310.392.1211, and let us move forward together.


Join the conversation! 2 Comments

  1. Construction spending in the U.S. rose in June for a third consecutive month, led by a gain in nonresidential building, including factories, communications plants and commercial structures.

    The 0.2 percent increase followed a revised 0.3 percent gain in May that was previously reported as a drop, Commerce Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey projected a 0.1 percent increase.

    Lower interest rates, easier lending rules and a drop in raw-material costs may keep stimulating a rebound in commercial projects that will help underpin business investment, one of the few areas of the economy that contributed to growth last quarter. At the same time, decreases in government spending and a stagnant housing market probably mean a broad-based rebound in the industry will fail to take hold.

  2. Shorenstein Properties of San Francisco and joint venture partner Worthe Real Estate Group of Santa Monica have acquired a 20-acre site at 13031 Jefferson Blvd. and plan to redevelop the site, which is entitled for up to 380,000 square feet of office space. Terms of the transaction were not disclosed, but the purchase was made through a lender-facilitated sale.

    The property includes two existing office/warehouse buildings totaling 380,000 square feet. One is a 330,000-square-foot building that was constructed in 1971, with a smaller single-story annex added in 1995. Both
    buildings are vacant but until 2005 were used as a distribution center by
    the US Postal Service.

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About Jodi Summers

Jodi Summers Sotheby’s International Realty 310.392.1211 Jodi Summers Bio With $100,000,000 in listed inventory, Jodi Summers understands the coastal commercial real estate market. A top producer with Sotheby’s International Realty, Jodi knows finance, rules, regulations, procedures and methods. She is accurate, knowledgeable, timely and aware of how government shapes the cities of Southern California. Jodi is born in Brooklyn, raised in and around Manhattan – the family business was marketing, Madison Avenue style. Childhood math quiz questions calculated demographic and psychographic percentages or analyzed the allocation of adverting dollars. Word games were for devising slogans. An honors graduate from the Walter Cronkite School of Journalism at Arizona State University, Jodi moved to California to achieve her goal of living by the beach with a palm tree and a hibiscus bush in her yard. She thrived as an entrepreneur in the entertainment, media and marketing industries. One of her books, “Marking and Marketing Music,” is in second edition. “My marketing and communication skills have proven to be a true gift when it comes to promoting real estate,” observes Jodi. “And I am consistently able to get an exceptionally high price per square foot for my sellers.” Discipline (Jodi holds a Black Belt in Tae Kwon Do), organization, motivation, excellent communication skills and knowing & satisfying the needs of her clients have been her essentials for running a successful business. A passion for investment real estate explains her emphasis in asset-yielding properties. Her team joined Sotheby’s International Realty for the company’s powerful brand and stellar reputation. “We offer the broad market knowledge needed to assist clients in formulating a sound acquisition strategy,” Jodi amplifies. “Together, we evaluate various markets, property types and neighborhoods to devise a customized approach that meets each client's specific objectives.” Jodi is a member of the Action Apartment Association of Westside income property owners, the Santa Monica Conservancy historic preservation society, the Ocean Park Association, the Friends of Sunset Park community group, the Real Estate Investors Club of L.A., and the Culver City Rock & Mineral Club. Members of her team are fluent in Spanish and Italian. “Our reputation assures your satisfaction.”


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